Ag Policy Blog

DES MOINES, Iowa (DTN) -- President Donald Trump kicked off a yearlong celebration of the country's 250th anniversary with a rally Thursday night at the Iowa State Fairgrounds where he took a victory lap for Congress passage of his tax-and-spending policies in the massive "One Big Beautiful Bill."

Trump spoke in sweltering heat and humidity for more than an hour before a crowd of thousands as he pointed to a historic win with the passage of the legislation and he dismissed criticisms from Democrats and others who oppose the bill and his administration's policies. He recounted his election win as the start of a "golden age" for the country.

"With this bill, every major promise I made to the people of Iowa in 2024 became a promise kept," he said.

Trump said he will sign the One Big Beautiful Bill on Friday at a ceremony and celebration at the White House.

The event was the start of America250 as the beginning of a yearlong celebration of the Declaration of Independence.

Trump tied the celebration of the country's history to his return to office and the passage of the budget reconciliation bill.

"Very simply, the One Big Beautiful Bill would deliver the strongest border on Earth, the strongest economy on Earth, the strongest military on Earth, and ensure the United States of America will remain the strongest country anywhere," he said.

He highlighted some of the wins in the bill such as making the 2017 tax cuts permanent and no tax on tip income -- a $25,000 deduction for workers in the bill for individuals making $150,000 or less.

Talking to the farmers in the audience, Trump reiterated the claim the $15 million estate-tax exemption for individuals ($30 million for married couples) in the legislation would save 2 million family farms from the estate tax.

"We're losing our farms like nobody's ever seen before," Trump said. He added, "You pass away, you leave everything to your children and they have to pay a big estate tax, or a death tax as we call it, and they couldn't do it. They go out and borrow money and all of a sudden the bank is foreclosing on the farm. That can happen. (Now) you have no more estate tax."

Few farms are caught up in the estate tax under current law. About 3,200 heirs paid the estate tax in 2022, according to the IRS, and 379 of those estates reported farm assets on their balance sheets. The value of farm assets made up about 2% of all property declared by taxed estates, or about $2.7 billion in value. Stocks, bonds, cash and other real estate accounted for nearly $72 billion of all assets.

Trump said the legislation will spur a new round of economic growth in the country.

"We've saved our country. We've got the hottest country anywhere in the world, as said by many, many, and we will ignite trillions of dollars economic growth, increase take home pay for the typical family by more than $10,000 a year," Trump said.

Trump also talked about trade deals, pointing to the United Kingdom agreeing to accept U.S. beef and ethanol. "I got beef and I got ethanol into Europe. You saw the United Kingdom, they didn't want to do it. You know they never took our beef and they never took our ethanol, but we said you gotta do it."

He then touched on a new trade deal with Vietnam signed this week, which will open up its markets to U.S. products with zero tariff. "You're going to be giving them vast amounts of farm products, including beef, pork, poultry, dairy and pure Iowa ethanol. You're going to be giving them all of those -- all of those products," Trump said.

While pressing that his immigration policies have completely shut down illegal border crossings, Trump said Department of Homeland Security Secretary Kristie Noem should find a way to ensure farmers are not losing workers to immigration raids. It's a proposal the president continues to reiterate although no formal actions have been taken.

"We want to them to help our farmers," Trump said. "I don't want to take people away from the farmers. We're going to do something. I think that's going to be good, because we want all the criminals. Everybody agrees we're finding the criminals, the murderers, the drug dealers. We're getting them the hell out."

Trump acknowledged farm labor is challenging, "they bend over all day. We don't have too many people who can do that. They work very hard."

In touting the 250th anniversary celebrations, Trump said there will be celebrations at national parks across the country and events tied to state fairs as well. He also said there will be an Ultimate Fighting Championship event at the White House.

Agriculture Secretary Brooke Rollins, who also spoke at the rally, told the crowd USDA will open a farmers market on the National Mall in August. "I want to invite all of you, every farmer, every rancher, every producer from every state who sells their beautiful crops and their products, and their pork and their beef to join us in Washington," Rollins said.

Also see:

-- "Farmers Win Better Safety Net, Permanent Tax Cuts in One Big Beautiful Bill," https://www.dtnpf.com/…

-- Ethanol Blog," Ag, Biofuels Laud House-Passed Big, Beautiful Bill's 45Z Clean Fuels Production Tax Credit Modifications," https://www.dtnpf.com/…

Chris Clayton can be reached at Chris.Clayton@dtn.com

Follow him on social platform X @ChrisClaytonDTN

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